Dow Jones Plunges over 1,800 Points
Tech and AI shares led the drop as investors braced for a weaker financing outlook and Friday’s jobs report.
- The S&P 500 fell about 4% on Thursday, while the Nasdaq declined about 4.5% and entered a correction, officially ending Wall Street's postelection rally.
- Tuesday's Democratic sweep on Capitol Hill sparked fears of an AI data center slowdown, as investors worry election results will make financing harder for neocloud companies.
- Portfolio director Jeff Marks said Mag 7 hyperscalers remain in "much better financial position" than neoclouds, while Meta Platforms President Dina Powell McCormick warned building new data centers is "going to be harder."
- Investors rushed to buy bonds, sending the 10-year Treasury yield under 4.9%, as odds of a rate increase sank from nearly 83% to 66% in one day per CME FedWatch.
- Friday's government nonfarm payrolls report will test market direction, with FactSet consensus expecting 65,000 new jobs for October against September's 29,000 additions and unchanged 4.2% unemployment.
15 Articles
15 Articles
Markets tank after post-Election Day surge
Stocks nosedived on Thursday, one day after rallying on the heels of Democrats’ resounding midterm victories. The Dow Jones Industrial Average tumbled by more than 2,100 points from the opening bell and closed down by 1,833 points relative to the end of trading on Wednesday. The Nasdaq Composite and S&P 500 were respectively down by…
Wall Street now fears that a landslide victory for Democrats could slow the expansion of data centers The post Dow plunges 1,800 points – Nasdaq corrects with a 5.5% drop appeared first on in.gr.
New York, Nov 5 (EFE).- Wall Street erased the post-democratic victory gains in the U.S. legislative elections on Thursday, and the Nasdaq technology index dropped by 5.52%, dragged by sales of shares in the artificial intelligence (AI) sector. The negative day on the stock market intensified in [...] The Wall Street ticket erases the post-electoral rise and the Nasdaq falls by 5.52% dragged by the AI was first published in HolaNews.
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